In case you haven’t noticed, homes, condos, and other housing options around many of America’s downtowns are in very high demand right now, and that’s been the case for awhile now. According to data from Redfin, the average price per square foot in urban cores across the country has increased by a jaw dropping 76% over the past five years. Compared to the average price per square foot increase of 52% in overall metro areas, that’s quite a leap.
So just what does this downtown trend mean moving forward? In general, perhaps the best way to look at current market conditions is that more of today’s active home buyers value functionality, walkability, and the idea of living close to plenty of amenities, attractions, and things to do.
Here in Minneapolis, living downtown means access to the city’s growing restaurant scene, plenty of nightlife, and easy access to all kinds of local destination spots and entertainment venues, like Target Field, the Pantages Theatre, and the Target Center just to name a few. Lots of public transportation also makes getting to and from just about anywhere in downtown easy and efficient, and the Minneapolis Skyway ensure you can walk around town without ever feeling the bite of the harsh Minnesota winters.
So as job and economic growth continue to transform the Twin Cities area as a whole, are you ready to join the thousands who have already decided to call downtown Minneapolis home? If you’re still unsure, give us a call to find out more about what the downtown Minneapolis real estate market has to offer!